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Equal to the nominal or face value of a security. A bond selling at par is worth an amount equivalent to its original issue value or its value upon redemption at maturity-typically $1000/bond. See: Discount, premium.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.


1. Of equal value. The word is often used in relation to pegged currencies; that is, if one currency pegs itself to another at par, it means that the central bank has declared that the currencies are of equal value.

2. The full price of a bond. This is usually, but not always, $1,000 per bond. Coupon payments are calculated as a percentage of par. Likewise, bonds are often traded as a percentage of par. For example, one may buy a bond at 95% of par, meaning that the investor pays $950. It is also called face value.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved



See par value.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
References in periodicals archive ?
"We are exporting the products of South Pars to one American and six European countries," said.
Since inflammatory cells play a pivotal role in the pathogenesis of inflammation, what we should know first is the type and extent of PARs expression on inflammatory cells.
"Iran's first priority is developing the South Pars field and we respect our contracts (with foreign companies), but China should boost its activity at South Pars first to be permitted to continue working at North Pars," Souri said.
A statistic comparable to the incomparable Tiger Woods, who was 14 under for the par fives with 10 birdies and two eagles.
408yds, Par 4: A very good hole which can prove tricky, mainly because of the tier halfway up the long green.
The last five holes are extremely difficult, and after a good drive down the undulating fairway at the 470-yard par-four 14th, he missed the green and dropped a shot and was fluctuating between pars and bogeys.
He successfully cleared the inviting Swilken Burn, landed safely on the green and, with two putts from 10 feet, opened with a par four.
After missing two long birdie puts on the third and fourth holes for back-to-back pars, Woods dropped a shot on the par-three fourth after over-hitting off the tee.After making his third par of the day on the 605-yard par-five fifth, Woods had another birdie chance on the sixth but his 23-foot putt came up just short.
"Iran's long-term objectives in the (South Pars) include construction of refinery units for gas condensates and downstream petrochemical industries to prevent crude sales and attract foreign investment," Youssefi said, addressing a meeting of South Pars officials in Assalouyeh port, Southern Iran, on Sunday.
4th Flowering Crab Apple 240 yards, par 3 2011 scoring stats - eagles: 0; birdies: 26; pars: 188; bogeys: 75; double bogeys or worse: 7 Difficulty ranking: 4 Lengthened by around 30 yards in 2008, this short but tough par three is straight but difficult in strong winds.
Westwood rifled his drive down the middle of the fairway at the 594-yard par-5 first setting up an excellent opening birdie, and followed with two pars rejoined the birdie trail at the par-4 fourth.

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